Global Augmented Reality Market 2021-2025 includes an elaborative summary of the market that provides in-depth knowledge of various different segments of the market. The report focuses on the emerging trends in the global and regional spaces on all the significant components, such as market capacity, demand and supply, production, profit, and competitive landscape. The research evaluates the global Augmented Reality market size, growth scenario, potential opportunities, trend analysis, and competitive analysis of the market. Also, the report presents the impact of the Covid-19 pandemic on the Augmented Reality market comparing it with the working of the market before covid-19 and suggestions related to growth Post-Covid-19.
The global augmented reality market was valued at USD 0.882 billion in 2019 and is expected to register a CAGR of 151.93% over the forecast period (2019-2024).
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Market Overview: –
Augmented reality is likely to present a completely new way to engage and expand the abilities of retailers. The possibilities of augmented reality are endless, especially when combined with the ever-evolving wireless technology, which enables the integration of mobile devices and home appliances, in order to provide an enhanced connected experience for the end users. Huge potential opportunities in biotechnology and healthcare are expected to drive the growth of the augmented reality market over the forecast period.
Competitive Landscape: –
The augmented reality market is gaining competitiveness. Many of the companies are increasing their market presence by securing new contracts and by tapping new markets. Companies, like Vuzix, and Meta, among others, have partnered with fortune 500 companies and other large technology giants, like Caterpillar, Porsche, SAP, among others, to increase the sales of their AR smart glasses.
Key Market Trends: –
Hardware Segment to Witness Significant Growth
Most of the companies, like Daqri, Meta, ODG, Vuzix, Optivent, etc., made AR headsets with a focus on enterprise applications for their devices. However, social media giant, Snapchat, which introduced AR to mobile phones through its social media platform, also launched its first version of AR glasses, V1, in 2016. The company was only able to sell about 150,000 pairs and registered a USD 40 million write-off on the hardware business, after ordering 800,00 pairs from a Chinese supplier.
AR devices available currently in the market have controlling systems embedded in the head-mounted devices or as a separate accessory. However, notable developments in the AR glasses, like gesture-controlled and voice assistant-controlled AR devices were launched in 2017.
Lucyd was created by an IP investment firm, Tekcapital, which is developing ergonomic AR glasses based on 13 disruptive AR patents. The Lucyd Lens smart glasses are built on an in-house decentralized blockchain called Lucyd Lab AR, which is powered by the LCD token, which organically drives content creation.
Through this design, the company aims to use community-driven content development to create the AR-driven blockchain with mass appeal. The company plans to introduce the blockchain-based AR smart glasses named Lucyd Lens in Q1 2019.
Going forward, such innovations in hardware, in terms of ergonomics, i.e., reduced size and weight, and making headsets look more like traditional eyewear, are likely to increase the acceptance of AR devices by consumers, in addition to the enterprise users.
North America Region to Witness Significant Growth
The North American segment of the market studied is expected to grow significantly over the forecast period, owing to the presence of a large number of vendors, who are also investing hugely in market innovation, coupled with the dominance of the United States in the global software market. Globally, the United States is expected to be one of the highly innovative AR markets. Most of the companies advancing in this technology are based in the United States. About 64% of the consumers from the country believe in the positive changes resulting due to the adoption of AR in the workplace. Leading players, like Magic Leap and Microsoft, are actively working on this technology.
Significant Features that are under Offering and Key Highlights of the Reports:
– Detailed overview of Augmented Reality Market
– Changing market dynamics of the industry
– In-depth market segmentation by Type, Application, etc.
– Historical, Current, and projected market size in terms of volume and value
– Recent industry trends and developments
– Competitive landscape of Augmented Reality Market
– Strategies of key players and product offerings
– Potential and niche segments/regions exhibiting promising growth
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